Donkey Republic finishes record year and achieves positive EBITDA of approx. 9.3M DKK and growing the revenue to approx. 115.1M DKK in 2023 (up 70% from 2022)
Company announcement no. 1-2024
Q4-2023 concludes a strong performing year delivering a positive EBITDA of approx. 9.3M DKK in the full year 2023, an improvement of 36.2M DKK from 2022
2023 was a milestone for Donkey Republic as we delivered a 70% revenue increase while crossing the bridge to becoming EBITDA positive of approx. 9.3M DKK, an improvement of 36.2M DKK from 2022. Donkey Republic finishes 2023 in line with the upward adjusted guidance announced in October 2023 (Revenue: 112-120M DKK, EBITDA: 9-13.5M). In Q4-2023 Donkey Republic realized revenue of 29.1M DKK, corresponding to a growth rate of 47%. The EBITDA result for Q4 was due to seasonality at a negative 3.4M DKK that is in line with expectations and a significant improvement compared to the previous year.
The full year revenue and EBITDA performance is primarily carried by a continued focus on driving Donkey Republic towards profitability. The improvement in EBITDA was based on a strong increase in contracted revenue that is not subject to seasonality and a high focus on cost control. These results demonstrate the execution and success of the company’s B2G (business-to-government) driven strategy to secure growth at sustainable margins.
Donkey Republic was awarded long term contract in Hannover, Germany
In November 2023, Donkey Republic was awarded a contract to operate a bike share system with a minimum total contract value of approx. 8.8M DKK for a 3 year duration with the potential of further extensions of 2 year periods. In addition, Donkey Republic will collect the rider revenue, potential proceeds from sponsoring deals and other corporate partners.
The contract is another result of the successful execution of the company's B2G strategy and will be another stepping stone in the company's journey towards profitability. This contract is of strategic importance as Germany is a core focus market and significant future growth driver for the company. With the Hannover contract, Donkey Republic expands its presence in Germany further south by adding to its portfolio of current operations in the Kiel Region and Schleswig/Flensburg in the Northern part of Germany.
Launch of the project is expected in Q2-2024.
Guidance 2024
Guidance for 2024 will be announced in connection with the publication of the annual report for 2023, which is expected to be released on 15 March 2024.
CONTACT INFORMATION
DonkeyRepublic Holding A/S
Skelbækgade 4, trappe B, 4. sal.
1717 København V
www.invest.donkey.bike
Niels Henrik Rasmussen, CEO
investor@donkeyrepublic.com
Certified Adviser
Grant Thornton Denmark,
Direct (+45) 35 27 50 11
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About Donkey Republic
Founded in 2014, Donkey Republic is a Danish purpose driven impact company active in the micro mobility industry. Donkey Republic provides a flexible, affordable and more sustainable way of transportation to the citizens by partnering with the cities.
Donkey Republic is a data driven technology company facilitating bike sharing, and we are able to provide cities and citizens a reliable bike sharing service. Sustainably at its core integrates with the city’s public transportation system, by pursuing innovation Donkey Republic develops end-to-end products and services that solve city and riders problems. Riders are able to enjoy a more convenient and high quality ride, with our bike and ebike fleet, designed for durability and optimal maintenance through our servicing software platform. This collaborative dedicated software solution together with our bikes, seeks to improve people's health & well-being, the environment, reducing traffic congestion across cities as well as public space optimisation.
Donkey Republic is a publicly traded company listed on the Nasdaq First North Growth Market. The company was listed in 2021 to onboard investors and support its growth and expansion into the European Market, and to continue securing its foothold and developing its market position in the European Micro mobility space. With thousands of Donkey bikes successfully implemented, Donkey Republic aims to grow its business and fulfill its vision of making urban city life quality better through responsible bike sharing